Savills reports surge in overseas property buying

Outbound property investment by Chinese companies is set to hit a record high this year, despite the slowing domestic economy, according to Savills, the international real estate adviser.

The company said total deals have been worth $18.5 billion so far, compared with $14 billion last year, with another $5.3 billion reportedly pending completion.

"Last year saw a contraction in deal value, but this year is forecast to see roughly 30 percent growth," said James Macdonald, head of Savills Research China.